Switchgear Market Size By Voltage (LV, MV, HV), By Insulation (Air, Gas, Oil, Vacuum), By Current (AC, DC), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

Industry Trends

Switchgear Market size valued at USD 123 billion in 2021 and is anticipated to grow at over 7% CAGR from 2022 to 2030. The ongoing demand for effective monitoring & control systems along with increasing infrastructural development will sway the industry outlook.
 

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Increasing inclination toward sustainable power coupled with a combination of cogeneration plants across grid infrastructure will drive the industry demand. Growing measures to assure security & stability with the retrofitting and substitution of conventional power frameworks will stimulate market growth. The absence of reliable & efficient electric networks in-line with the advancements in existing infrastructure across major economies has integrated a positive scenario.
 

The revamping and refurbishment of existing electrical grid networks framework

The low voltage switchgear market demand is projected to surpass a yearly installation of 69 million units by 2030. Growing investments in rural electrification combined with extending the microgrid infrastructure will augment the business portfolio. Additionally, an increasing demand for smart monitoring and control systems together with the retrofitting and renovation of existing electrical grid networks will spur the market revenues.
 

The COVID-19 outbreak had moderate impacted the overall switchgears industry statistics on account of lockdown inconveniences, closing of different assemblies and industrial facilities, and postponements in various infrastructural projects. Consistent maintenance of electrical grid frameworks during the pandemic and vaccination drives to curb the Covid-19 spread will supplement sector development. Moreover, increasing building construction development facilities followed by the rising demand for replacing and renovating aging grid infrastructure will support the overall growth.
 

Adaptable product configurations including low space prerequisites

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The air-insulated switchgear market is poised to observe prominent growth owing to effective functional security and low capital investments. However, ongoing innovative advancements and with expanding ventures toward advancements will lead to significant demand. Low space necessity, insignificant support and high dielectric strength are some of the key factors reinforcing product demand.
 

The vacuum-insulated switchgear segment to foresee substantial gain impelled by adaptable power frequencies and high enduring voltages. Affordable costs, safe & reliable operation activities, spillage-free innovations, and sound functional security measures are the key components supplementing switchgear adoption. Further, favorable government measures toward sustainable power generation units along with the requirement of advanced units to monitor & control electrical equipment will foster market statistics.
 

Ongoing investments in the advancement of significant distance power infrastructural networks

The Asia Pacific switchgear market size will witness 7% growth rate through 2030. Increasing investments in energy infrastructure establishments and the ongoing demand for T&D frameworks will complement the business outlook. The developing inclination toward fabricated products with the rapid extension of assembling units has constrained the participants to redesign and expand operation facilities across the region.
 

The North America switchgear sector is expected to grow tremendously due to its high dependability and low carbon emissions. The usage of these units has obtained an upsurge driven by economical pricing and lower competitive impact from other insulated & advanced technologies.
 

Expanding fund allocations to enhance the large solar and wind plants

The commercial and industrial switchgear segment accounted for a yearly installation of nearly 18 million units in 2021. Government-aided sustainable establishments to deploy construction expenditures across the residential and commercial sector will propel the returns.
 

The capacity to improve these units to enhance operability, support the aesthetic proximity of peripherals, and reduce maintenance will fuel switchgear demand. The various existing manufacturers have presented components with automated self-appraisal highlights, further facilitating end users to deal with and avoid minor functional disturbances. Furthermore, the establishment of high voltage lines coupled with advancements in new distribution networks will influence market expansion.
 

Government efforts to upgrade development spending and the paradigm shift toward decentralized power grids

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The Chinese market is slated to see an upsurge credited to rapid commercialization and increasing investments in utility-based electrification & industrial developments. A paradigm shift toward transforming upward electric lines to underground networks will additionally complement product acceptance in the country. An exponential rise in power demand in-line with increasing investments in the existing infrastructure will garner the industry landscape.
 

Increasing mergers & acquisitions with rising ventures for technological innovations and arrangements in infrastructural establishments will foster market growth. In addition, emission compliance, distribution network, cost competitiveness, and differentiation are the main considerations for business scenario.
 

Strategic collaborations and partnerships including joint ventures & mergers

The major switchgear industry players include ABB, General Electric, Siemens, Toshiba Corporation, Powell Industries, Hyundai Electric & Energy Systems Co., Ltd., Lucy Group Ltd., Hyosung Heavy Industries, Eaton, Chint Group, CG Power and Industrial Solutions Limited, Bharat Heavy Electricals Limited, Ormazabal, Schneider Electric, Mitsubishi Electric Corporation, Hitachi Ltd., E + I Engineering, Skema., Regal Rexnord Corporation, and Fuji Electric.
 

This market research report on switchgear includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD” from 2018 to 2030, for the following segments:

Market, By Voltage

• LV
• MV
• HV

Market, By Insulation

• Air
• Gas
• Oil
• Vacuum
• Others

Market, By Current

• AC
• DC

Market, By Application

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following country:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Spain
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Oman
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Peru
  • Argentina